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While the Coronavirus pandemic may be hindering the world, it has not slowed down CFD broker FVP Trade, which is continuing to push onwards with its expansion plans.
FVP Trade is embarking on a new phase of growth, which will see the broker expand its geographical presence across Europe and Asia, as well as improve its product portfolio.
We spoke with Jonathan Greene, CEO of FVP Trademto learn more about how the Coronavirus has impacted the business and what is in the future for them.
When asked how the pandemic has affected FVP Trade, Jonathan highlighted that the pandemic is perhaps one of the greatest tests the retail brokerage has needed to face in years.
“At FVP Trade, we have stayed focused on implementing our key expansion plans. The Coronavirus has not hindered us, to the contrary, we’re pleased to say that confidence in our robust business model has only accelerated. We’re an online service provider, so we haven’t been impacted in the traditional sense, as numerous other companies have. Customers were still able to access our award-winning platform, even during the lockdown measures.”
“The Coronavirus has dramatically changed the operational functionality of companies; however, our contingency plans have made it simpler to execute new measures. Therefore, remote working has had an easier transition than expected at first as we were well-prepared and all our staff had the required infrastructure they needed to work remotely.”
‘It’s One day at a Time’
In spite of the Coronavirus making their staff having to work remotely, the company has continued to hire new team members from around the world. In addition, the broker is tracking its work from home approach and modifying it as and when needed to meet the business and customer demand.
“We’re taking it one day at a time and we’ve even discovered ways to succeed as a business during these uncertain times. Because of the stop in offline activities, we’ve had the capacity to reallocate our resources to focus on a massive overhaul of our website and customer portal.”
“Despite the fact that the second quarter of 2020 didn’t produce a profit as large as the previous quarter, however, it was the second-best quarter in the company’s history in terms of net profit,” Jonathan explained.
“Additionally, a major factor in our long-term plan is to achieve a record number in terms of new customers with over 40,000 new sign-ups during this time. Furthermore, the average number of active customers in quarter two rose to 63,233 from 48,754 in quarter one. At FVP Trade we are very proud of this result in quarter two, and we believe that it was a great achievement.”
The Impact of the Coronavirus on the Industry
When asked about his thoughts on how the CFD industry has dealt with the coronavirus pandemic, Jonathan said that brokers were one of the major winners on the back of the Coronavirus, as traders became more active during the heightened uncertainty.
“As a business, we know that crisis and opportunity coincide, we’ve proved that we’re more than capable of dealing with such conditions, an optimist may even say that the volatility has made us even stronger,” Jonathan highlighted.
“Our company’s emergency plan came into effect at the start of this year when the coronavirus first took hold of the globe. We rapidly moved the majority of our trader education programs from actual seminars to online webinars to meet our customer’s needs.”
Changing the Way People Trade.
What exactly could the long-term impact of the pandemic be? Jonathan believes that the Coronavirus has made investors trading habits change. Investors are trading night and day and a huge number are now using mobile apps.
“The increasing use of smartphones within the CFD industry means that numerous traders will be choosing their brokers based on the efficiency of its mobile trading app. We’re seeing the start of innovative advancements that support smooth mobile trading for FVP Trade customers, that can accelerate customer portal processes,” Jonathan added.
“We’re also looking to use quantum computers and machine learning to operate our state of art customer portal as we continue to upgrade our technology. However, we have seen the CFD trading volumes in UK have been slipping daily. This highlights the current state of the world economy, which has massively declined because of the Coronavirus. Unemployment rates have increased significantly and the actual economic impact of the lockdown is not yet known. This is probably going to be a huge challenge for our industry over the long haul.”
FVP Trade Continues to Focuses on Technology and Team
In addition, Jonathan explained that the business has been investing heavily in overhauling its technology and launching new products for customers to trade. As mentioned before, FVP Trade has also been increasing its team.
“The acquisition of our Quantum Computing arm, QFinity Labs, also came in 2019 where we allocated a huge amount of resources and we are very proud of the results we’ve seen in such a short timeframe, as we have created several profitable trading algorithms which benefits our customers. We strongly believe that what is right for our customers will be best for the business in the long haul and drives our future decisions,” he continued.
Education Continues to Be at the forefront of FVP Trade
Apart from all of the changes previously mentioned, educating traders continues to be a major area of focus for FVP Trade, and will remain one of their largest areas of focus going forward. This will be seen on the company’s revamped website.
The new sections are Trading Strategies, which will cover all topics crucial to trading, and Market Analysis, which will be a section of the website dedicated to delivering up to date market news.
As a feature of its focus on education, FVP Trade plans on running online educational webinars, which are planned to replace the physical seminars the company previously hosted regularly. The webinars will include expert traders and investors who will impart their insight and knowledge with customers. In addition to this, customers will be able to view high-quality market analysis written by the company’s market analyst team, led by James Stewart, FVP Trade’s Chief Market Analyst.
Looking towards the Future
If volatility continues to decrease, it might be expected that the second half of 2020 will be weaker than the first half. However, according to Jonathan, FVP Trade continues to focus on projects that it has been working on since the beginning of the year, rather than worrying about what might happen in the second half of 2020.
“We are confident that our strategy over the past couple of years has been effective, and we have a very clear plan that should allow us to achieve the objectives that we have set ourselves,” he said.
“We will continue to enhance our sales and marketing strategies, grow our position in every country we are currently in, and with our quantum research we will develop technologically in all areas of our business.”
FVP Trade is also in the process of expanding its geographical standings. Mr. Greene announced that the company has plans to open up offices in two additional Asian countries to increase our physical presence in the region, to bring us closer to our customers.
“I will keep them as a surprise for now. The current situation with the Coronavirus could delay the opening of the offices in the short-term, however, I believe that they will be opened before the end of 2021,” Jonathan added.
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